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ID H0630
Bill
Status
3/13/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Allows individual taxpayers to deduct 80% of capital gain net income in 2001 and 60% in subsequent years from the sale or exchange of qualified property in determining Idaho taxable income.
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Defines qualified property to include real property held at least 12 months, tangible personal property used in revenue-producing enterprises, breeding livestock, timber, and partnership interests with specified holding periods and conditions.
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Establishes two methods for calculating capital gains from partnership interests when the partnership holds both qualified and non-qualified real property: fair market valuation (using qualified appraisals, county assessor valuations, or other acceptable evidence) or adjusted basis allocation.
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Requires part-year resident and nonresident owners of multistate entities to compute the allowable deduction according to rules established by the state tax commission.
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Takes effect immediately upon passage and approval, with retroactive application to January 1, 2014.
Legislative Description
Amends existing law to revise provisions relating to certain qualified property held by an estate, trust, S corporation, partnership, limited liability company or an individual, to establish provisions relating to fair market valuation, to establish provisions relating to adjusted basis allocation and to establish provisions relating to certain part-year resident and nonresident owners of multistate entities.
TAXATION
Last Action
Reported Printed and Referred to Revenue & Taxation
3/13/2014